New Bitcoin Whale Stuns Binance With Staggering BTC Withdrawal

According to the Smart Money tracker on the X platform, @lookonchain, slightly more than an hour ago, a new Bitcoin whale emerged on the market as tens of millions worth of Bitcoin went from the Binance exchange to a new cryptocurrency wallet.

The wallet ends in -4DaAXS, and its owner withdrew a massive $64.47 million in crypto (1,015 Bitcoin worth) from the world’s largest centralized crypto trader, Binance.

This transaction was also observed by popular blockchain sleuth Whale Alert. Aside from that, Whale Alert had noticed several other big Bitcoin transfers.

A whopping $208,589,207 in Bitcoin (the equivalent of 3,309 BTC) was withdrawn from the Kraken exchange to an anonymous digital wallet. Cumulatively $238.4 million worth of Bitcoin (1,736 BTC and 2,025 BTC) was transferred between anonymous blockchain addresses.

Over the past week, the world’s primary cryptocurrency, Bitcoin, has seen a substantial price increase of almost 11% as it soared from $57,600 last Tuesday to the $63,890 zone on Monday. This rally was largely influenced and supported by the large interest rate cut announced by Fed Reserve chairman Jerome Powell at the FOMC meeting on Wednesday.

The interest rate was slashed by 50 basis points, while many expected it to go down only as low as 25 bps. Now, the Chinese central bank (PBOC) has also confirmed its intention to cut multiple interest rates this year. Many financial experts now believe that China’s announcement will become yet another trigger that will propel Bitcoin to reaching new highs, probably even this year.

The most recent all-time high was reached by Bitcoin in March at the $73,750 price level. Currently, BTC is trading 13.82% below that historic price peak. This year, it was reached before the halving took place in April.

Dormant Bitcoin wallet reactivated with huge gains

According to the aforementioned Whale Alert blockchain tracking platform, a dormant Bitcoin wallet returned to active life containing 81 Bitcoins.

This amount of BTC is currently worth $5,189,542, while back in 2013 it was the equivalent of $44,707. At the time of this writing, in 2024, BTC is changing hands at $63,320 per coin.

This change in value constitutes an impressive 11,507% profit increase after almost 11 years of inactivity.